Notes to Accounts of Artech Power & Trading Ltd.

(A) Detailed note on the terms of the rights, preferences and
restrictions relating to each class of shares including restrictions on
the distribution of dividends and repayment of capital.

i) The Company has only one class of Equity Shares having a par value
of Rs. 10/- per share. Each holder of Equity Share is entitled to one
vote per share. The Company declares and pays dividend in Indian
Rupees. During the year ended 31st March 2015, the Company has not
declared any dividend.

ii) In the event of liquidation of the Company, the holders of Equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of Equity shares held by the
shareholders.

(f) Detailed note on shares reserved to be issued under options and
contracts / commitment for the sale of shares / divestments including
the terms and conditions.

The company does not have any such contract / commitment as on
reporting date.

(g) Detailed terms of any securities convertible into shares, e.g. in
the case of convertible warrants,

The company does not have any securities convertible into shares as on
reporting date.

Note 2 - Previous year figures

The figures of the previous year have been re-arranged, re-grouped and
re- classified wherever necessary.

(i) Balance of cash on hand at the end is accepted as certified by the
management of the company

(ii) The figures of the previous year are taken as it is from the
report of the previous auditor.

Artech Power Produets Limited (hereinafter referred to "the Company")
was incorporated in the State of Kerala. The Company was in the
business of production of Switched Mode Power Supplies, Due to aecute
financial difficulties, the company had stopped its operations in the
first week of April, 2000 and the factory was closed. The operations
did not recommence thereafter. The eompany has dispossed off all its
assets and settled the liabilities during the year 2009-10.

2.1 In the absence of overall taxable profit, no provision for Current
Tax/ Minimum Alternate Tax has been made in the accounts of the current
financial period. Further, as at year end the major components of
deferred tax are accumulated losses & unabsorbed depreciation, and the
recovery of the same is not virtually certain. In view of the
aforesaid, deferred tax asset has not been recognized.

2.2 Three deposit holders of the company had filed a petition with the
Company Law Board for the refund of deposits amounting to Rs.S0,000/-.
The Company Law Board had ordered the company to pay the amounts in
installments. As the company could not pay the amount due to financial
constraints, Registar of Companies, Kerala has proceeded against the
company in the Economic Offence Court for non compliance of Company Law
Board (CLB) Order which was dismissed by the court. The Registrar of
Companies has filed an appeal in the High Court of Kerala, which is
pending disposal. However, these deposits were settled during the year
2009-10, on a compromise settlement. Based on this settlelement, the
deposit holders has withdrawn all their claims and complaints in
respect of the deposits. The company has filed a petion with the Lok
Adalath of Ministry of Corporate Affairs to withdraw the appeal filed
by RoC with Kerala High Court, since the deposit holders claims were
settled and they had withdrawn their complaints,

2.3 Managerial Rcmumeration

a) No commission is payable to any director and hence the computation
of profit u/s 198 / 349 of the Companies Act, 1056 is not required

b) The computation of Managerial Remuneration u/s 350 of The Companies
Act, 1956 have not been enumerated as the managerial remuneration
payable to Managing Director are within the limit prescribed under
Schedule XIII of the said Act.

2.4 Segment Reporting

The company did not carry out any operations during the year, and hence
reporting as required under Accounting Standard-17 issued by ICAI on
Segment Reporting is not given.

Mar 31, 2012

1.1 The Revised Schedule VI has become effective from 1 April, 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year''s figures have been regrouped / reclassified
wherever necessary to correspond with the current year''s classification
/ disclosure.

1.2 In the absence of overall taxable profit, no provision for Current
Tax/ Minimum Alternate Tax has been made in the accounts of the current
financial period. Further, as at year end the major components of
deferred tax are accumulated losses & unabsorbed depreciation, and the
recovery of the same is not virtually certain. In view of the
aforesaid, deferred tax asset has not been recognized.

1.3 Three deposit holders of the company had filed a petition with the
Company Law Board for the refund of deposits amounting to Rs.50,000/-.
The Company Law Board had ordered the company to pay the amounts in
installments. As the company could not pay the amount due to financial
constraints, Registar of Companies, Kerala has proceeded against the
company in the Economic Offence Court for non compliance of Company Law
Board (CLB) Order which was dismissed by the court. The Registrar of
Companies has filed an appeal in the High Court of Kerala, which is
pending disposal. However, these deposits were settled during the year
2009-10, on a compromise settlement. Based on this settlelement, the
deposit holders has withdrawn all their claims and complaints in
respect of the deposits. The company has filed a petion with the Lok
Adalath of Ministry of Corporate Affairs to withdraw the appeal filed
by RoC with Kerala High Court, since the deposit holders claims were
settled and they had withdrawn their complaints.

1.4 Managerial Remumeration

a) No commission is payable to any director and hence the computation
of profit u/s 198 / 349 of the Companies Act, 1956 is not required

b) The computation of Managerial Remuneration u/s 350 of The Companies
Act, 1956 have not been enumerated as the managerial remuneration
payable to Managing Director are within the limit prescribed under
Schedule XIII of the said Act.

1.5 Segment Reporting

The company did not carry out any operations during the year, and hence
reporting as required under Accounting Standard-17 issued by ICAI on
Segment Reporting is not given.

1.6 Information on Small Scale Industrial Units

a) No claims of suppliers who are covered under the "Interest on
Delayed Payments to Small Scale and Ancillary Industrial Undertakings
Act, 1993" has come to the notice of the company

b) The above information has been compiled to the extent to which the
parties could be identified as Small Scale and Ancillary Undertakings,
on the basis of information available with the company.

c) The company has not received any intimation from its vendors
regarding their status under Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, required under the
said Act have not been made.

Background

Artech Power Products Limited (hereinafter referred to "the Company")
was incorporated in the State of Kerala. The Company was in the
business of production of Switched Mode Power Supplies. Due to accute
financial difficulties, the company had stopped its operations in the
first week of April, 2000 and the factory was closed. The operations
did not recommence thereafter. The company has dispossed off all its
assets and settled the liabilities during the year 2009-10.

2 Contingent liabilities not provided for in the Accounts: Current Year
Previous year

a) Guarantees is sued by banks

3 In the absence of overall taxable profit, no provision for Current
Tax/ Minimum Alternate Tax has been made in the accounts of the current
financial period. Further, as at year end the major components of
deferred tax are accumulated losses & unabsorbed depreciation, and the
recovery of the same is not virtually certain. In view of the
aforesaid, deferred tax asset has not been recognized.

4 Three deposit holders of the company had filed a petition with the
Company Law Board for the refund of deposits amounting to Rs.5O,0O07-.
The Company Law Board had ordered the company to pay the amounts in
installments. As the company could not pay the amount due to financial
constraints. Register of Companies. Kerala has proceeded against the
company in the Economic Offence Court for upon compliance of Company Law
Board (CLB) Older which was dismissed by the court. The Registrar of
Companies has filed an appeal in the High Court of Kerala, which is
pending disposal. However, these deposits were settled during the year
2009-10, on a compromise settlement. Based on this settlelement. the
deposit holders has withdrawn all their claims and complaints in
respect of the deposits. The company has filed a petion with the Lot
Adalath of Ministry of Corporate Affairs to withdraw the appeal filed
by RoC with Kerala high Court. since the deposit holders claims were
settled and they had withdrawn their complaints.

5 Managerial Remuneration

a) No commission is payable to any director and hence the computation
of profit u/s 193 34-9 of the Companies Act. 195 6 is nor required

b) The computation of Managerial Remuneration u/s 35 0 of The Companies
Act, 1956 have nor been enumerated as the managerial remuneration
payable to Managing Director are within the limit prescribed under
Schedule XHI of the said Act.

6 Segment Reporting

The Company did not carry out any operations during the year, and hence
reporting as required under Accounting Standard 17 issued by ICAI on
Segment Reporting is not given.

2 The company has disposed off its entire fixed assets and current
assets in order to settle the statutory dues, dues to the fixed deposit
holders and dues to (he tanks and financial institutions. As at the
year end. the company do not hold any Inventory or fixed asset

3 Contingent liabilities not provided for in the Accounts

Current Year Previous year

a) Guarantees issued by banks - -

4 The company has settled all the dues to the banks and financial
institutions. as per the OTS schemes offered by these Institutions. As
per the OTS scheme, the company has obtained waiver of a part of
interest and principal portion of the loan from IOBI bank. KSIDC and
State Bank of Travancore. The loan amount waived by the banks and
institutions are transferred1 to capital reserve and the interest
amount waived is recognised in the profit and loss account for the
year.

5 The Term Loans were secured by way of first charge oh the Immovable
and movable fixed assets of the company and second charge or the
current assets of the company and further guaranteed by the promoter
directors

6 The Cash Credit facility from State Bank, of Travancore(SBT) was
secured by way of first charge on the current assets of the company and
second charge on the immovable and movable fixed assets of the company
and further guaranteed by the promoter directors.

7 The company do not have any eligible employees as at the year end and
hence has not made contributions to the Gratuity fund of UC during the
year and the liability on account of the above, was not provided for in
the books on account. Since the company has settled all its dues to the
employees, though a compromise settlement, provision made for the
Provident Fund Contribution relating to the year 1999- 2000 is written
back.

8 M/s. Blue Dart Express Ltd had filed a case against the company for
courier charges payable amounting to Rs.49328/- The case had been
decreed against the company on 06/01/2003 and the company was ordered
to make the payment along with interest Due to financial difficulties,
the company could not pay this amount at that time. The company had
initiated steps to pay this amount along with dues to other
parties/financial institutions during the year and contacted the party
Even after making public advertisement with respect to the disposal of
company's assets, Blue Dart Express Ltd has not approached the company.
Hence the company decided to write back this liability in the books of
accounts during the year.

9 As per the compromise settlement with the fixed deposit holders, the
company has repaid 2/3rd of the deposit amount to all the deposit
holders. As the balance amount is not payable, it is transferred to
capital reserve during the year.

10 Two deposit holders of the company had filed suit in Civil Court
against the company for the repayment of deposits amounting to
Rs.200,000/-. The company was ordered to make the repayment. Based on
an out of court settlement, a part of these deposits were repaid In
Instalments. During the year the balance outstanding was also repaid
along with the repayment of other deposit holders The deposit holders
have withdrawn their claims and complaints against the company

11 Three deposit holders of the company had Wed petition with the
Company Law Board for the repayment of deposits amounting to
Rs.400,000/-, The Company Lam Board has ordered the company to pay the
amounts in installments. As the company could not pay the amount due to
financial constraints. Register of Companies. Kerala has proceeded
against the company in the Economic Offence Court for non compliance of
Company Law Board (CLB) Order and penalty was imposed on the company
and the directors which was paid. These deposits were repaid during
the year on a compromise settlement. Accordingly, the deposit holder
have withdrawn all their claims and complaints against the company, in
respect of the deposits

12 Three deposit holders of the company had filed a petition with the
Company Law Board for the refund of deposits amounting to Rs.50,000/-,
The Company Law Board had ordered the company to pay the amounts In
Installments. As the company could not pay the amount due to financial
constraints, Register of Companies. Kerala has proceeded against the
company in the Economic Offence Court for non compliance of Company Law
Board (CLB) Order which was dismissed by the court The Registrar of
Companies has filed an appeal in the High Court of Kerala, which is
pending disposal. However, these deposits were settled during the year
on a compromise settlement. Based on this settlelement. the deposit
holders has withdrawn all their claims and complaints In respect of the
deposits.

13 During the year 1999-00, the company has made provisions for salary
payable and professional charges. Accordingly, the TDS provision was
also accounted for. However, consequent to the closure of the factory,
these expenses were not paid by the company and the TDS was also not
remitted. During the year. as a part of the settlement of liabilities,
the, company has paid a portion of the liabilities and balances were
written back in the accounts. The TDS applicable on the amounts paid
during the year has been remitted by the company Tire TDS amounting to
Rs.48,745, relating to the portion not paid is reversed during the
year.

14 In the absence of overall taxable profit, no provision for Current
Tax/ Minimum Alternate Tax has been made in the accounts of the current
financial period. Further, as at year end the major component of
deterred tax are accumulated losses & unabsorbed depreciation, and the
recovery of the same is not virtually certain. In view of the
aforesaid, deferred tax asset has not been recognized.

15 Managerial Remuneration

a) No commission & payable to any director and hence the computation of
profit u/s 198/349 of the Companies Act, 1956 is not required.

16 Segment Reporting

The Company did not carry out any operations during the year and hence
reporting as required under Accounting Standard-17 issued by ICAI on
Segment Reporting is not given.

17 Information on Small Scale Industrial Units

a) No claims of suppliers who are covered under the "interest on
Delayed Payments to small scale and Ancillary Industrial Undertakings
Act, 1993 has come to the notice of the Company.

b) The above information has been complied to the extent to which the
parties could be identified as Small Scale and Ancillary Undertakings,
on the basis of information available with the company.

c) The Company has not received any Intimation from its vendors
regarding their status under Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, required under the
said Act have not been made.

Mar 31, 2009

1 Previous year figures are regrouped, rearranged or recast wherever
necessary to conform to this years flares.

2 Contingent liabilities not provided for in Accounts: Current Year
Previous year

a) Guarantees issued by bank

b) Liability on account of interest on unclaimed deposits, in any, if
such deposits were renewed has not been ascertained and not provided
for In the accounts.

c) The Kerala State Electricity Board and BSNL have initiated revenue
"recovery proceedings against the company for the recovery of
outstanding electricity and telephone charges along with interest
However provision has not been made in the accounts for the interest
payable on account of tack of adequate information. This liability was
settled in subsequent year and the recovery proceedings were dropped
subsequently.

3 The Term Loans are secured by way of first charge on the immovable
and movable fixed assets of the company and second charge on the
current assets of the company and further guaranteed by the promoter
directors

4 The Cash Credit facility from State Bank of Travancore(SBT) is
secured by way of first charge on the current assets of company and
second charge on the Immovable and movable fixed assets of the company
and further guarantied .by the promoter directors.

5 Balance of creditors and loans and advances, certain bank accounts.
Kerala State Industrial Development Corporation Limited(KSIDC).
Industrial Development Bank of India (IDBI) and SBT loan accounts and
fixed deposits are subject to conformation and reconciliation.

6 The company do not have any eligible employees as at the year end and
hence has not made contributions to the Gratuity fund of LIC during the
year and the liability on account of the above, was not provided for
In the books on account. -

7 M/s. Blue Dart Express Ltd had filed a case against the company for
courier charges payable amounting to FU.49328/ The case had been
decreed against the company and the company was ordered to make the
payment along with interest However due to financial
consents the company could not make the payment the date. The provision
for the interest payable on the above has not been made in the books of
accounts

8 The company has neither accepted nor renewed any of the fixed
deposits since 1999. The amount of fixed deposits aggregating to Rs.
4,048,655.00 includes,

a) Two deposit holders of the company had filed suit in Civil Court
against the company for the repayment of deposits amounting to Rs
200,000/-. The company was ordered to make the repayment. This was
settled In the subsequent years.

b) Three deposit holders of the company had filed petition with the
Company Law Board for the repayment of deposits amounting to
Rs.400,000/- The Company Law Board has ordered the company to pay for
amount installments. The company could not pay the amount due to
financial constraints. Register of Companies; Kerala has proceeded
against, the company in the Economic Offence Court for non compliance
of Company Law Board (CLB) Order and penalty was imposed on the company
and the directors which was paid.

c) Three deport holders of the company had filed a petition with the
Company Law Board for the refund of deposits amounting to Rs.50,000/-.
The Company Law Board had ordered the company to pay the amounts in
installments. 'The company could not pay the amount due to financial
constraints. Register of Companies. Kerala has proceeded against the
company in the Economic Offence Court for non compliance of Company Law
Board (CLB) Order which was dismissed by the court. The Registrar of
Companies has filed an appeal In the High Court Of Kerala, which Is
pending disposal. However. these deposits were settled In the
subsequent year*.

9 IDBI and SBT had recalled the loan given to the company and filed a
suit In Debt Recovery Tribunal (DRT) for the recovery of the loan
outstanding amounting to Rs.232.42 lakhs and Rs.16S.93 lakhs
respectively together with accrued Interest and further interest. The
cases were decreed against the company and the banks have obtained the
certificate of recovery from DRT KSIDC had also recalled the loan and
Initiated revenue recovery proceedings for the recovery of Rs 32 59
Lakhs together with accrued interest and further interest The institution
had approved One Time Settlement Scheme to the company with new
investors as promoters. However, the schemes could not materialise as
the Investors were unable to raise the required funds in time. These
loans were 'subsequently settled in the year 2009-10 under One Time
Settlement Scheme offered by the financial institutions.

10 M/s BT Solders. Bangalore - a creditor of the company, has filed a
suit against the company for dishonor of cheque amounting to
Rs.44,044/-. The case was dismissed by Magistrate Court in Bangalore.
The creditor has filed a condo nation petition with the High Court of
Karnataka far delayed filing of appeal which was objected by the
company. This liability was settled through court proceedings in the
subsequent years.

11 In the absence of overall taxable profit, no provision for Current
Tax/ Minimum Alternate Tax has been made in the accounts of the current
financial period. Further, as at year end the major components of
deferred tax are accumulated losses & unabsorbed depreciation, and the
recovery of the same is not virtually certain. In view of the aforesaid,
deferred tax asset has not been recognized.

12 Managerial Remuneration

a) No commission is payable to any director and hence the computation
of profit u/s 198/349 of the Companies Act. 1956 is not required

13 Segment Reporting

The company did not carry out any operation* during the year, and hence
reporting as required under Accounting Standard-17 issued by ICAl on
Segment Reporting is not given.

Mar 31, 2008

Background

Artech Power Products Limited (her in after referred to the company )
was incorporated in the state of Kerala . The company was in the
business of production of switched mode power supplies .Due to accute
financial difficult the company has stopped its operation in the first
week of april 2000 and the factory was closed .The operation did not
recommence there after

2 The books and records of the company were maintained at the
registered office located at the factory premises. The factory was
dosed in April 2000 and the premises were under the custody of the
financial Institutions. Doe to lapse of about 9 years, certain records
are damaged. The accounts for the financial year was reconstructed ftom
the records available with the company.

3 Contingent liabilities not provided for in the Accounts: Current Year
Previous year

a) Guarantees Issued by banks " ' _

b) The Sales tax department has raised demand notices against the
company for the Assessment years from 95-96 to 99-00 aggregating to
Rs.208.80 lakhs as arrears, penalty and interest on Sales tax The
company had Sled appeal with the higher authorities against these demand
notices. The sales Tax authorities has proceeded with the Revenue
Recovery Proceedings. The company has approached the Hon. High Court of
Kerala against this. The High Court has directed the sales tax
authorities to recomputed the actual liability payable by the company
and has stayed the recovery proceedings. Based on this, the assessing
officer has modified the demand to Rs. 16.67 lakhs, wide her order
dated 14.03.2008. The company has again appealed against this demand
with the appellate authority. No provision has been mode in the accounts
for the above liability. However this demand was further modified and
fully settled in financial year 2008-09.

c) Liability on account of interest on unclaimed deposits, in any, if
such deposits were renewed has not been ascertained and not provided -
for in the accounts.

d) The Kerala State Electricity Board and BSNL have inflated revenue
recovery proceedings against the company for the recover/ bf
outstanding electricity and telephone charges along with interest.
However provision has not been made m the accounts for the interest
payable on account of lacs of adequate information. This liability was
settled in financial year 2009-10.

4 The Term Loans are secured by way of first charge on the immovable
and movable fixed assets of the company and second charge on the
current assets of the company and further guaranteed by the promoter
directors

5 The Cash Credit facility from State Bank of Travancore6 Balance of creditors and loans and advances, certain bank accounts.
Kerala State Industrial Development Corporation Limited(KSIDC).
Industrial Development Bulk of India (IDBl) and SBT loan accounts and
fixed deposits are subject to confirmation and reconciliation .

7 The company do not have any eligible employees as at the year end and
hence has not made contributions to the Gratuity fund of LIC , during
the year and the liability on account of the above, was not provided
tor In the books on account

8 M/s.Blue Dart Express Ltd had filed a case against the company for
courier charges payable amounting to Rs.49326/-. The case had been
decreed against the company and the company was, ordered to make the
payment along with interest However due to financial constants the
company could not make the payment till date. The provision for the
interest payable on the above has not been made in the books of
accounts.

9 The company has neither accepted nor renewed any of the fixed
deposits since 1999. The amount of fixed deposits aggregating to Rs.
4.048,655.00 Includes.

a) Two deposit holders of the company had filed suit In Civil Court
against the company for the repayment of deposits amounting to
Rs.200,000if-. The company was ordered to make the repayment. This was
settled In the subsequent yean. .

b) Three deposit holders of the company had filed petition with the
Company Law Board for the repayment of deposits amounting to
Rs.400.00CU-. The Company Law Board has ordered the company to pay the
amounts in installments As-the company could riot pay the amount due
to financial constraints. Register of Companies. Kerala has proceeded
against the company In the Economic Offence Court for non compliance of
Company Law Board (CLB) Order and penalty was imposed on the company
and the directors, which was paid. However, these deposits were
settled in the subsequent years.

c) Three deposit holders of the company had filed a petition with the
Company Law Board for the refund of deposits amounting to Rs.50.000/-
The Company Law Board had ordered the company to pay the amounts in
Installments. As the company could not pay the amount due to financial
constraints, Register of Companies, Kerala has proceeded against the
company in the Economic Offence Court for non compliance of Company Law
Board (CLB) Order which was dismissed by the court. The Registrar of
Companies has filed an appeal in the High Court of Kerala, which is
pending disposal. However, these deposits were settled in the
subsequent years.

10 1DBI and SBT had waited the loan given to the company and Med a suit
In Debt Recovery Tribunal (DRT) for the recovery of the loan
outstanding amounting to Rs.232.42 lakhs and Rs.168.93 lakhs
respectively together with accrued Interest and further interest. The
cases were decreed against the company and the banks have obtained the
certificate of recovery from DRT. KSIDC had also recalled the loan and
initiated revenue recovery proceedings for the recovery of Rs.32.59
Lakhs together with accrued Interest and further interest. The
institutions had approved One Time Settlement Scheme to the company
with new investors as promoters However, the schemes could not
materialise as the investors were unable to raise the required funds-in
time. These loans were subsequently settled under One Time Settlement
Scheme offered by the financial institutions. ' !

11 M/s.BT Solders, Bangalore - a creditor of the company, has filed a
suit against the company for dishonour of cheque amounting to
Rs.44,044/-. The case was dismissed by Magistrate Court in
Bangalore The creditor has filed a condo nation petition with the High
Court ' of Karnataka for delayed filing of appeal which was objected
by the company. This liability was settled through court proceedings in
the subsequent years. -

12 In the absence of overall taxable profit, no provision for Current
Tax/ Minimum Alternate Tax has been made in the accounts of the current
financial period. Further, as at year end the major components of
deferred tax are accumulated losses S unabsorbed depredation, and the
recovery of the same is not virtually certain. In view of the
aforesaid, deferred tax asset has not been recognized.